FirstNell Loan App Review: Customer care number, APK download

Ibrahim Ismail February 19, 2024

Personal loan apps provides succor when you find yourself needing that quick cash to get foodstuffs before your next stipend arrives at the end of the month.

FirstNell loan app can provide you with a quick loan, with minimal documentation requirements. All you need do is provide a few information about yourself, and provide a valid ID for identification.

These minimal documentation requirements make online loan apps ideal for students who are looking to access emergency cash before they get their next pocket money.

Note that because of their minimal documentation requirement and unsecured nature, online loans are very expensive with high-interest rates and should only be used for emergencies when there is no alternative. Do not rely on them to fund your lifestyle.

FirstNell loan app is an online loan platform that offers fast micro and medium loans to Nigerians. The Android app allows users to borrow between ₦5,000 to up to ₦100,000 unsecured with no collateral and minimal documentation. When a customer makes the online application, the computer will check their credit score and make them an offer, thereby giving customers 24/7 access to loans.

With over 100k downloads so far on the Google play store, this app has mixed reviews from users. It uses loan software to collect prospective customers’ information including phone records, banking transaction alerts, and BVN to build each borrower’s credit score.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

How to Download APK and get a loan from FirstNell Loan app

Download the FirstNell loan App available on the Google Playstore and install it on your Android phone.
Register an account with your phone number.
Preferably the phone number connected to your BVN as a one-time password will be sent to it for verification.
Fill in your basic Know-your-customer KYC information, including your residential address, next of kin and employment details.
You will also be required to provide your Biometric verification number BVN.
You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
A one-time password OTP will be sent to your phone to confirm your details.
After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account in about 5 minutes.
Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identification.

Note that binding your ATM card with N30 does not guarantee that you will get a loan, you still have to pass the credit score check.

The N30 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also, its availability on the Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your security while using loan apps in Nigeria.

What are the requirements?

Be a legal citizen or legal resident of Nigeria
Be at least 18 years old.
Have a Monthly income source.
Bind your ATM card to your account
Provide details of two of your next of kin including their phone numbers.
Have a good credit score with no outstanding loans from other lenders.
Have an active bank account.
Your phone number must be the one connected to your BVN.
Have a valid government-issued ID card.

What other borrowers are saying about FirstNell loan loan app

These reviews were written by users on the Google play store.

Asikhia Temitope Ajoke wrote, “I never requested loan from this people ooo, I downloaded it and filled in my information only me to see 12000 on dash board and see 7800 on the details to be disturbed fast I uninstal them , after few mints I received an alert of 7800 tried to call them their no on the app is fake , have mailed them and sent them back their 7800. NONSENSE !!! BEWARE OOOO SCAMMER.”

Mercy Elezua wrote, “My experience with this app was horrible, I will not recommend this loan app even to my enemies. They lacked communication skills and their agents will curse you for no just cause.everything about this app is just dubious.

Rasaq Yetunde wrote, “Yes this app is good, yeah very okay but am trying to make my payment now I don’t know what is wrong with the app I can’t bind my card, and I don’t want situation that you people will be calling me nd my contact that am owing you ooo, better do something.”

This app has a variety of complaints from users most of which include lack of clear repayment method and poor customer service.

Due to the absence of laws in Nigeria, the majority of these applications are loan sharks who may threaten to send messages to your family members labeling you as a con artist if you fail to return the debt. If you have other options, you should avoid using these programs.

If you are being intimidated or bullied by a loan shark in Nigeria, you can receive assistance and learn about the experiences of others who have been bullied by loan applications in this Facebook page.

FirstNell loan app interest rate?

Loan amount: ₦50,000 – ₦250,000
Loan term: the shortest is 91 days, the longest is 365 days
Daily interest rate: 0.0057%
Maximum annual interest rate APR: 20.55%

Calculating the number is very easy. For example, if you choose a 12-month 100,000 loan principal, we
will show the details below:
Installment plan: 12.
Principal: ₦100,000.
Amount of expenditure: ₦100,000. Amount of expenditure = principal – expenses ₦100,000 – ₦0 = ₦100,000.
PMT (monthly payment amount): ₦10045.8. PMT = ₦100,000 x (1 + 20. 55%)/ 12 = ₦10045.8.
Cost:₦O.
Total interest: ₦20,550.
Total amount: ₦120,550. Total amount = principal + Total interest = ₦120,550.
Total interest rate: 20.55%. Total interest rate = total interest / principal * 100% =, ₦120,550 / ₦100,000 * 100% = 20.55%.
Monthly interest: 1.71%. Monthly interest = total interest rate / installment = 20.55% / 12 = 1.71%.

This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.

FirstNell loan app customer service number

Address: Trans amadi industrial layout of community secondary school road, Port Harcourt, Nigeria
E-mail: [email protected]
Mobile: +234 8056294848.
Working hours:
Monday to Friday: from 9:00am to 6:30pm
Saturday to Sunday: From 10:00am to 6:00pm